BEAVERTON, ORE. – The 351-unit Reflections at Summer Creek in Beaverton has received $29 million in refinancing. The Class A community is located at 11103 SW Davies Road in Beaverton’s Murrayhill submarket. It is 93 percent occupied. The non-recourse, floating-rate financing was provided by HSBC. Cushman & Wakefield’s Equity, Debt and Structured Finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in this transaction.
NORTH MIAMI BEACH, FLA. — ZOM, a luxury multifamily real estate developer, will break ground this month on North Bay Village, a $73 million, 285-unit luxury apartment community in North Miami Beach. The community sits on a 4.5-acre peninsula with more than 1,400 linear feet of waterfront space overlooking Biscayne Bay. ZOM is developing the eight-story community through a joint venture with Clarion Partners. KAST Construction will serve as the general contractor for the project, and ZRS Management LLC will serve as the property manager.
CHARLESTON, ILL. — Triad Real Estate Partners has arranged the sale of University Village, a 391-bed student housing property serving Eastern Illinois University in Charleston, about 50 miles south of Champaign. The property was an REO sale, owned by Fifth Third Bank in Chicago. The buyer was a Champaign, Ill.-based student housing operator that is looking to expand at Eastern Illinois University and other campuses around the Midwest. University Village is located 2.5 miles east of Eastern Illinois University, a public university with a fall 2012 enrollment of 11,178. The project suffered from high vacancy in recent years, posting 2012-13 occupancy of just more than 70 percent. The new owner plans to renovate and reposition the property, renting some units to families.
HOWELL, N.J. — Commercial mortgage brokerage firm Eastern Union Funding has arranged $6.1 million in financing for a 24-unit multifamily portfolio in the Bushwick section of Brooklyn. David Metzger and Nate Hyman, managing directors at Eastern Union, arranged the loan. The three contiguous properties were completed last year and include eight units each. The nine-year loan provided by Investors Bank includes a 30-year amortization schedule.
DALLAS — CBRE’s Dallas Multi-Housing Group has brokered the sale of two north Dallas multifamily communities, St. Andrews Apartments and Montclair Apartments, to Miami-based private real estate lender and investment firm Pensam Capital. St. Andrews, a 312-unit, Class A property located at 9000 Vantage Point Drive, was sold by Strategic Capital Partners LLC of Chicago. Montclair, a 324-unit, Class A property located at 9001 Markville Drive, was sold by Crest Asset Management of Dallas. Ryan Reid and Dirk Goris, CBRE executive vice presidents, represented the sellers.
SEATTLE – Construction has begun on Alliance Residential’s 248-unit Broadstone Capitol Hill project in the Seattle submarket of Capitol Hill. The project will be located at 1414 10th Ave. in the Pike Pine Corridor. It is scheduled for completion in early 2015 and will be built by Exxel Pacific. Though the project is referred to as Broadstone Capitol Hill, its branded name is still pending. Alliance recently debuted the 166-unit Broadstone Koi in nearby Ballad, which is at nearly 90 percent occupancy. The 105-unit Viva mixed-use development in Capitol Hill is also scheduled for completion in the first quarter of 2014.
BEAVERTON, ORE. – The 351-unit Reflections at Summer Creek in Beaverton has received $29 million in refinancing. The Class A community is located at 11103 SW Davies Road in Beaverton’s Murrayhill submarket. It is 93 percent occupied. The non-recourse, floating-rate financing was provided by HSBC. Cushman & Wakefield’s Equity, Debt and Structured Finance team served as exclusive advisor to an affiliate of J.P. Morgan Asset Management in this transaction.
CENTURY, CITY, CALIF. – A 157-unit multifamily portfolio referred to as the Sun Valley Collection has hit the market in the San Fernando Valley. The properties are housed in eight individual buildings that are all located within a one-block radius of each other in Sun Valley. They are being sold as cooperative stock units. The portfolio is being marketed by Pegasus Investments, which also represented the prior owner when it sold the collection in 2011. Since then, the new owner has invested in repairs and upgrades, bringing the portfolio to full occupancy.
WESTMINSTER, COLO. – The 384-unit Four Seasons apartment community in Westminster has sold to BMC Investments for $25 million. The community is located at 2002 W. 76th Ave. just northwest of Denver. The company plans to invest an additional $2.4 million to upgrade and rebrand the property. It will be renamed Villas on 76th. The investment includes a $21-million Fannie Mae loan through Centerline Capital Group. The 10-year loan features a two-year interest-only period and a 30-year amortization schedule. BMC financed the equity internally.This is BMC’s first deal in 2013, though the firm acquired more than 1,600 units in 2012. The transaction was executed by Chuck Sweeney from Hendricks Berkadia. The seller was Belgarde Enterprises.
RICHMOND, VA. — Thalhimer Realty Partners, the investment and development subsidiary of Cushman & Wakefield | Thalhimer, has purchased Deering Manor Apartments in Richmond for $3.7 million. The 168-unit multifamily property is located at 2712 Hopkins Road. Thalhimer purchased the property from 2712 Hopkins Road Holdings LLC, which CW Capital controls. Thalhimer has engaged Cushman & Wakefield | Thalhimer to manage the community.